On December 21, 2017 the Securities and Exchange Commission (“SEC”) announced charges against the Woodbridge Group, its owners, and several Woodbridge subsidiaries alleging that they ran a $1.2 billon Ponzi scheme. The recently unsealed SEC complaint alleges that the Woodbridge Group of Companies and its owner, Robert H. Shapiro, defrauded over 8,400 investors, most of which were seniors. The unregistered securities at issue were notes that allegedly invested in real estate and promised investors a return of 5-10% annually. The original litigation release from the SEC can be found here: https://www.sec.gov/news/press-release/2017-235
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